Welcome to BLG and BLG Beyond AUM Law’s dynamic resource on the Canadian Investment Regulatory Organization (CIRO). We invite you to bookmark and revisit this page which will be updated to reflect developments of importance to CIRO registered firms. Resulting from the amalgamation of the Investment Industry Regulatory Organization of Canada (IIROC) and the Mutual Fund Dealers Association of Canada (MFDA), CIRO has been operating since January 1, 2023 and has led to – and will continue to generate – significant changes in the registration and oversight of investment and mutual fund dealers across Canada, as well as new opportunities. This resource is designed to help you find, understand and act on CIRO-related topics, such as new developments, rules, registration requirements, enforcement and examinations and more.

Everything you need to know about the Canadian Investment Regulatory Organization (CIRO): a dynamic resource @Model.HeaderTag>
Recent developments
- On July 3, 2025 – CIRO published amendments (the “Amendments") to the Mutual Fund Dealer Rules (“MFD Rules") and the Investment Dealer and Partially Consolidated Rules (“IDPC Rules") intended to implement the Total Cost Reporting Enhancements (“TCR Enhancements") contained in National Instrument 31-103 (“NI 31-103"). Implementation will be effective on January 1, 2026. Together with the Amendments CIRO also published an Exemption Application (Outside Holdings) form to be used by member firms making a new application or seeking an extension of an existing exemption regarding the reporting of fees and charges related to outside holdings.
- On June 30, 2025 – CIRO released a bulletin concerning the Quebec Regulation respecting complaint processing and dispute resolution in the financial sector – CIRO Dealer Member Exemptions. The bulletin reminds CIRO member dealers of their obligation to comply with certain requirements included in the Quebec complaint regulation. The bulletin also has a link to a FAQ document published by the Autorité des marchés financiers (AMF) intended to assist CIRO members with compliance.
- On June 27, 2025 – CIRO released a report summarizing Exemptions Granted in 2024. The report provides stakeholders with a useful summary exemptions that were granted to Members and Approved Persons last year.
Key Contacts
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Julie Mansi
Partner
Services
- Capital Markets
- Derivatives
- Commercial Contracts
- Investment Management
- Mergers & Acquisitions
- [See more on full bio]
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Michael Taylor
Partner
Services
- Investment Management
- Registrant Regulation & Compliance
- Private Funds, Hedge Funds & Alternative Investments
- Mutual Funds
- Derivatives
- [See more on full bio]
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Maureen Doherty
Partner
Services
- Securities Disputes
- Banking Litigation
- White Collar Criminal Defence and Corporate Investigations
- Class Actions
- Contract Disputes
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David Di Paolo
National Managing Partner and CEO
- Location
- Toronto
- DDiPaolo@blg.com
- Phone
- 416.367.6108
David Di Paolo
National Managing Partner and CEO
Services
- Commercial Litigation
- White Collar Criminal Defence and Corporate Investigations
- Securities Disputes
- Banking Litigation
- Class Actions
- [See more on full bio]
-
Christian Faribault
Partner
Services
- Investment Management
- Mutual Funds
- Private Funds, Hedge Funds & Alternative Investments
- Registrant Regulation & Compliance
- ETFs, Structured Products & Closed-End Funds
- [See more on full bio]
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Kathryn Fuller
Partner
Services
- Investment Management
- Mutual Funds
- ETFs, Structured Products & Closed-End Funds
- Private Funds, Hedge Funds & Alternative Investments
- Registrant Regulation & Compliance
- [See more on full bio]
Regulatory Compliance Counsel and Consultants to Securities Registrants – BLG Beyond AUM Law was founded in 2009 with a vision to serve the regulatory compliance needs of securities registrants. BLG Beyond AUM Law has been part of Borden Ladner Gervais LLP (BLG) since May 2021 and is integrated with BLG’s suite of alternative legal services known as BLG Beyond. BLG Beyond AUM Law offers practical, cost-effective legal and consulting advice on securities regulatory compliance matters.
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